Irrevocable Conditional Bank Pay Order (ICBPO) is a setup for depositing money on an account; for a purchase or different; and it usually comes when specified conditions are met, i.e. typically presentation of specific documents.
An ICBPO is typically in use for depositing money for a purchase by the buyer in seller’s bank. It is safer for the seller than DLC or SBLC+TT, but riskier for the buyer, but less risky for the buyer than paying the seller upfront in advance. Irrevocable Conditional Bank Pay Order gives the seller advantages in regards to monetizing of the payment instrument; which might make it possible for the seller to offer the buyer a further discount over DLC or SBLC+TT payment.